REG - WH Smith PLC - Appointment of Executive Chairman

WH SmithAnnouncement

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RNS Number : 3961P  WH Smith PLC  19 January 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

WH Smith PLC

 

The global travel retailer

 

19 January 2026

 

Appointment of Executive Chairman

 

The Board of WH Smith PLC (the "Company") today announces its intention to
appoint Leo Quinn as Executive Chairman with effect from 7 April 2026. This
appointment will be subject to shareholder approval.

 

Leo has over 20 years' experience as CEO of UK publicly quoted companies, most
recently as Group Chief Executive of Balfour Beatty plc, the UK's largest
infrastructure company. In each case he has led significant business
transformation, driving sustained cashflows and strong shareholder returns,
including over £5 billion of total shareholder value. Prior to that he spent
over two decades in leadership roles at global companies, including seven
years in the US.

 

Annette Court will step down as Chair and non-executive director at the end of
the Company's Annual General Meeting on 2 February 2026. In addition to
continuing as Senior Independent Director, Simon Emeny will act as Interim
non-executive Chairman until Leo's appointment. Accordingly, the resolution to
re-elect Annette as a director of the Company will be withdrawn.

 

Annette Court, Chair, commented:

"The Board strongly believes that Leo's record of leadership and significant
experience of successfully delivering transformation for large international
companies make him the right candidate to deliver the Group's return to
stability and long-term growth strategy.

 

"I wish Leo, the Board and the entire team of dedicated colleagues at WHSmith
the very best for the future."

 

Simon Emeny, Senior Independent Director, commented:

"On behalf of the Board, I would like to thank Annette for her leadership of
the Company and, in particular, through the recent challenges. Annette has
played a vital role in navigating the business through this period and ensured
that the platform is in place for Leo to lead the next phase. I would also
like to welcome Leo to WHSmith and I look forward to supporting him in the
years to come."

 

Leo Quinn, added:

"WHSmith is a great business with a remarkable heritage. Working with the
leadership team and our colleagues worldwide, I intend to ensure the Company
has the right foundations in place to deliver long‑term value for its
investors, business partners and employees."

 

As part of Leo's appointment, the Company intends to make a stand-alone award
("Share Award"). Further details of Leo's proposed remuneration arrangements
are set out below. The purpose of the Share Award is to ensure that Leo is
appropriately incentivised and aligned with the objectives of the Group and
its shareholders. Part of the Share Award is to compensate Leo for the loss of
a share award from his previous employer that would have vested but will now
lapse as a result of Leo agreeing to join the Company.

 

A general meeting of the Company ("General Meeting") will be held in due
course to approve Leo's appointment as a director and the Share Award. Further
details will be set out in a notice which will be circulated to shareholders.

 

Remuneration and Executive Share Award

Upon joining the Company, Leo Quinn will receive a base salary of £360,000
and a pension allowance of 3% of base salary (aligned to the wider workforce
rate). He will receive other customary benefits but will not be entitled or
eligible to participate in any annual bonus or long-term incentive arrangement
operated by any Group company.

 

On appointment, Leo will purchase such number of shares in the Company
("Shares") equivalent in value to £2m from his own funds and be granted the
Share Award, being an equity award of 1,887,519 Shares ("Share Award Shares")
equivalent to £12.25m in value on grant. The Share Award Shares will vest
subject to an annual share price performance test measured over a five-year
period. If the current share price of the Company doubles from its current
level, creating additional shareholder value of c.£800 million compared to
the Company's closing share price on 16 January 2026, then full vesting of the
Share Award would deliver an equivalent value of £24.5m.

 

 Enquiries:

 WH Smith PLC
 Nicola Hillman  Media Relations     +44 1793 563354
 Mark Boyle      Investor Relations  +44 7879 897687

 Brunswick
 Tim Danaher                         +44 20 7404 5959

 

There are no additional matters that require disclosure under 9.6.13R of the
UK Listing Rules.

 

The person responsible for making this announcement on behalf of the Company
is Ian Houghton (General Counsel and Company Secretary).

 

Notes to Editors:

 

Leo Quinn was Group Chief Executive of Balfour Beatty plc, the UK's largest
infrastructure Group, for over ten years. Balfour Beatty has annual sales of
£10 billion and 27,000 employees worldwide. Before that, Leo spent five years
as Group Chief Executive of QinetiQ Group plc and previously five years as
Chief Executive Officer of De La Rue plc. His earlier roles included four
years as Chief Operating Officer of Invensys plc's production management
division, headquartered in the US, and 16 years with Honeywell Inc. in senior
management roles across the UK, Europe, the Middle East and Africa, concluding
as global president of H&BC Enterprise Solutions. He has also been a
non-executive director of Betfair Group plc and Tomkins plc.

 

In 2013, Leo founded The 5% Club, a UK skills charity with over 1200 members
from FTSE companies, SMEs and Government departments, who collectively employ
2m people of which over 6% are earn-and-learners (apprentices, graduate
trainees, sponsored students).

 

In 2021, Leo's contribution to business was recognised through his appointment
as a visiting professor at the College of Business and Social Science at Aston
University.

 

 

 

 

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